The Tesla CEO says both parties have failed and claims The American Party will fight government bloat, attract disillusioned Democrats, and shake up the system.

Former DOGE adviser James Fishback wrote to the Tesla Board urging them to ask Elon Musk to clarify his political ambitions. Fishback said his investment firm Azoria Partners will defer the listing of its Azoria Texla Convexity exchange-traded fund after Musk's announcement that he was forming a new political party called 'America Party'.

Writing on X, formerly Twitter, multiple people have responded to Musk announcing he would form a new party, though he has also attracted criticism, too. On Saturday, Musk announced he was forming a new political party called the "America Party.